Rabat, Morocco - ACWA Power Khalladi has confirmed final orders to suppliers and contractors for the construction of its Wind Power Project in the North of Morocco, following all conditions precedent for its landmark project financing being satisfied.
ACWA Power Khalladi (formerly known as UPC Renewables) is 75% owned by ACWA Power - a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants, and 25% owned by the ARIF Investment Fund.
This 120 MW Wind Power farm, located in Jbel Sendouq - Khalladi in the north of Morocco, is the first project to be developed by ACWA Power and ARIF under the Moroccan Renewable Energy Law (13-09).
"This new wind energy project reinforces our positioning as a major player in the country's renewable energy sector," said Rajit Nanda, Chief Investment Officer, ACWA Power. "Our investment in Morocco is for the long run and with our partner ARIF we will be contributing even further to the transformation of the energy sector Morocco is undergoing in alignment with its national strategy."
Once operational, the Khalladi project will directly supply the industrial clients connected to the high voltage network. The project, under construction since November 2015 and representing a global investment of 1.7 billion dirhams, will result in greenhouse gas reductions of over 200,000 tons of CO2 per year once operational.
This project confirms the commitment of ACWA Power and its partner ARIF to the Moroccan National Renewable Energy Strategy/ Wind Power plan aiming for 2,000 MW Wind Power capacity by 2020, representing 14% of the national installed capacity. It will support industrial integration and create job opportunities in the Kingdom with approximately 300 workers during the construction peak period.
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About ARIF:
ARIF is an investment fund specialized in infrastructure projects and managed Infra Invest, a subsidiary of RMA WATANYA. ARIF's shareholders are leading national & international institutions (RMA WATANYA, African Bank for Development, European Investment Bank, International Financial Society, Proparco, Bio Invest, and the Belgian Development Agency).
About ACWA Power:
ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants currently with presence in 12 countries including in the Middle East and North Africa, Southern Africa and South East Asia regions. ACWA Power's portfolio, with an investment value in excess of USD 32 billion, can generate 22.8 GW of power and produce 2.5 million m3 /day of desalinated water to be delivered on a bulk basis to state utilities and industrial majors on long term off-take contracts under Public-Private-Partnership, Concession and Utility Services Outsourcing models.
ACWA Power, registered and head-quartered in the Kingdom of Saudi Arabia, is owned by eight Saudi conglomerates, Sanabil Direct Investment Company (owned by the Public Investment Fund of Saudi Arabia), the Saudi Public Pensions Agency and the International Finance Corporation (a member of the World Bank Group).
ACWA Power pursues a mission to reliably deliver electricity and desalinated water at the lowest possible cost while seeking to maximize local content and local employment creation, thereby contributing to the social and economic development of the communities and countries it invests in and serves.
ACWA Power strives to achieve success by adhering to the values of Safety, People and Performance in operating its business.
For more information, visit www.acwapower.com
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© Press Release 2016
